(805 ILCS 180/37-15)
Sec. 37-15. Effect of conversion; entity unchanged.
(a) A partnership or limited partnership that has been converted under this Article is for all purposes the same entity that existed before the conversion.
(b) When a conversion takes effect:
(1) all property owned by the converting partnership
or limited partnership vests in the limited liability company;
(2) all debts, liabilities, and other obligations of
the converting partnership or limited partnership continue as obligations of the limited liability company;
(3) an action or proceeding pending by or against the
converting partnership or limited partnership may be continued as if the conversion had not occurred;
(4) except as prohibited by other law, all of the
rights, privileges, immunities, powers, and purposes of the converting partnership or limited partnership vest in the limited liability company; and
(5) except as otherwise provided in the agreement of
conversion under Section 37-10, all of the partners of the converting partnership continue as members of the limited liability company.
(Source: P.A. 90-424, eff. 1-1-98.)
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Last modified: February 18, 2015